But of course this is just a short-and-medium call, and doesn't
reflect anything about the long-term reality, as
structural problems remain unfixed and untenable.

Among Greece's doubters is Harvard's Martin Feldstein, who
predicts that ultimately the worst fears of the beginning will be
realized, and that Greece will have to quit the euro.

He told
Bloomberg that the austerity measures will ultimately fail,
saying: “The idea that Greece can go from a 12 percent deficit
now to a 3 percent deficit two years from now seems fantasy...
The alternatives are to default in some way or to leave, or
both.”

One possibility, he said, is for Greece to pull off a "polite
default" that might involve some kind of short-term-for-long-term
debt swap.